Agri Buzz: Vegetable Oil Imports Rise 2.6% In March On Annual Basis

Agri Buzz: Vegetable Oil Imports Rise 2.6% In March On Annual Basis

Apr 15, 2021 05:04 IST capital market

The Solvent Extractors Association of India (SEA) stated that the import of vegetable oils during March 2021 is reported at 980,243 tons compared to 955,422 tons in March, 2020, consisting 957,633 tons of edible oils and 22,610 tons of non-edible oils i.e. up by 2.6%. The overall import of vegetable oils during November 2020 to March 2021 (5 months) is reported at 5,375,003 tons compared to 5,519,213 tons i.e. down by 2.6%.The high price of Sunflower oil discouraged the import, while Soybean oil has maintained at same level. However import of RBD Palmolein reduced while Crude Palm Oil increased from 24.6 lakh tons during Nov.19 to Mar.20 to 29.9 lakh tons during first five months of current year, with record crop of mustard to the tune of 85-90 lakh tons and heavy demand for kachi ghani and refined mustard oil, crushing is at the peak level which will check mate the import of edible oils in coming months. The stock of edible oils as on 1st April, 2021 at various ports has estimated at 463,000 tons (CPO 180,000 tons, RBD Palmolein 3,000, Degummed Soybean Oil 140,000 tons and Crude Sunflower Oil 140,000) and pipeline 1,224,000 tons, total stock at 1,687,000 tons. The stock has decreased marginally by 3,000 tons to 16.87 lakh tons as on 1st Apr.,2021 from 16.90 lakh tons as on 1st March, 2021.

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